As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous market cycles and trends, making me well-equipped to analyze this latest move by Max, the CEO of Because BTC.
Max, head honcho and CEO of Because BTC, a firm specializing in cryptocurrencies, has announced that he has swapped his Dogecoins (DOGE) for Pepe tokens. This unexpected move follows a substantial drop in the value of Dogecoin, which has dipped 9.8% from its peak.
Crypto Founder Dumps DOGE For PEPE
On X (previously Twitter), Max shared with his 52,200 followers that he had liquidated all his Dogecoin assets and put everything into Pepe instead. The creator of cryptocurrency disclosed that this surprising move was based on the analysis of the DOGE.D and PEPE.D graphs, which depict the market influence of Dogecoin and Pepe, respectively.
The analyst shared that he first decided to purchase Dogecoin because of an optimistic trend he noticed in its graph, which indicated significant growth potential for the meme cryptocurrency at the time. In the DOGE.D chart, Max revealed that the meme coin had undergone a substantial upward surge, resulting in a 2.15% rise in its market influence.
The surge in dominance occurs hand-in-hand with a significant rise in the DOGE price. This meme currency shot up from approximately $0.1 at the end of October to around $0.4 somewhere in November. In this timeframe, Dogecoin recorded gains not experienced since 2021, leaping over 80% in a single week.
Looking forward, Max shared his positive perspective on Pepe, stating that he sees a comparable bullish trend emerging. He pointed out that the bullish pattern that appeared in DOGE is now being replicated in the PEPE.D chart for Pepe. Unlike Dogecoin which has already seen a significant price surge, Max explained that Pepe’s bullish wave is a few weeks delayed.
In preparation for an upcoming price rise, Max has put a significant amount into Pepe following his sale of Dogecoin’s long position. The creator of cryptocurrency confidently suggests that Pepe may soon overshadow DOGE as the leading meme coin. Furthermore, Max has playfully referred to Pepe, currently valued at 0.000012 USD, as the new ruler among meme coins.
Dogecoin Price Sees 9% Decline
Following a remarkable 233.47% increase over a single month, the value of Dogecoin has taken an unanticipated dip. Data from CoinMarketCap indicates that DOGE has fallen by 9.2% in just a day and seems to be heading for a prolonged downturn.
Recently, the value of the cryptocurrency peaked at $0.4 following a weekly increase exceeding 80%. However, its current price stands at $0.37, potentially as a result of market fluctuations and investors cashing out.
crypto expert Ali Martinez shared on a recent post that traditionally, when the MVRV (Multi-Variable Value) ratio surpasses 78%, it generally indicates a peak in the Dogecoin market value. Currently, he anticipates that the MVRV will revert to approximately 45.65% following today’s price adjustment, potentially opening up additional opportunities for Dogecoin’s growth.
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2024-11-13 21:41